Total Energies Halts Adani Investments After US Indictment

France’s Total Energies, which has been a key partner for Adani Green besides the other group firm, Adani Total Gas, stated on Monday stating that it will pause further financial contributions until the allegations originating in the US are resolved.

In its statement, Total Energies stressed that it is not targeted by the indictment nor involved in the alleged actions. Total Energies holds a 19.75 per cent minority stake in AGEL acquired in 2021. As part of its renewable energy strategy in India, it also owns a 50 per cent stake in three joint ventures operating renewable energy projects with AGEL.

It also stated that it would take necessary actions to protect its interests as a shareholder and joint venture partner.

Total Energies added that its investments in Adani’s entities were undertaken in full compliance with applicable laws and with Total Energies’ own internal governance processes pursuant to due diligence and representations made by the sellers. It claimed being unaware of the existence of an investigation into the alleged corruption scheme.

The Adani Group has strongly denied the bribery allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of the Adani Green as “baseless.”

SaurEnergy Explains- The Solar Tender At the Centre of Adani’s US Controversy

Also Read

The move from Total Energies comes even as other actors move as well, with Fitch Ratings placing some of the group’s bonds on ratings watch with negative implications.  Amidst all this, key backer GQG Partners has backed the group. While noting that the allegations are serious, it highlighted that many global companies and executives have faced similar allegations in the past—including those under the Foreign Corrupt Practices Act (FCPA).

Adani Green Optimistic To Add 6 GW RE Capacities In FY25

Also Read

 The investment manager’s stake in various listed companies of the Adani group ranges between 3 per cent and 5 per cent.  Until the US allegations broke out, GQG partners had reaped handsome returns on its Adani investments.